Need Commercial Truck Insurance? Check Out Our Guide
Closeup the silver ballpoint modern pen on insurance contract with planning in background.
Every commercial truck needs insurance. But, there are hundreds of types of insurance and just as many providers. The right insurance protects your vehicles, cargo, and overall operations. Commercial truck insurance keeps you compliant with federal and state regulations and safeguards your finances from accidents, theft, or unforeseen events like floods or fires. Here are some of the top providers of commercial truck insurance providers and guidelines for choosing the right coverage.
Progressive Commercial
Progressive is one of the most recognized names in commercial truck insurance. Its user-friendly online platform facilitates policy management and allows you to access 24/7 claims support. Progressive offers standard coverage options, including liability, physical damage, cargo insurance, and non-trucking liability. Sharing data from your electronic logging device (ELD) will give you a discount through their Smart Haul Program. Pricing is slightly below the market average.
Sentry Insurance
Sentry’s strong suit is customer support and financial stability. Their claims department focuses on resolving issues efficiently and fairly, ensuring businesses can quickly return to operations after an incident. Sentry also developed the “Sentry Risk Factor” tool to help companies improve their risk management culture, maintain continuity, and protect their reputations. Sentry specializes in trucking insurance and offers comprehensive coverage options such as auto liability, physical damage, motor truck cargo, and non-trucking liability. Pricing is in line with market averages.
HUB International
HUB International is a leading broker offering tailored insurance solutions for trucking businesses. It also provides tools to help motor carriers improve safety and achieve regulatory compliance. HUB International emphasizes proactive risk management to help trucking companies reduce losses and improve profitability with tools like telematics integration, compliance support teams, and safety programs. Its plans include auto liability, physical damage, general liability, cargo coverage, and workers’ compensation. Pricing is in line with the marketing averages.
Great West Casualty Company
Great West Casualty works exclusively in the trucking industry. They work with clients on risk control services for their specific business, aligning safety measures with a company’s operations. Coverages are standard and include auto liability, physical damage, cargo insurance, and workers’ compensation. The online 24/7 Learning Library educates policyholders on safety measures, compliance, and efficiency through videos, articles, and newsletters. It is considered financially solid, and its pricing is consistent with market averages.
Marquee Insurance Group (MIG)
MIG shines in customer service. They offer a 24/7 client portal to manage your account, specialized agents for advice specifically for the trucking industry, and the BOOST program to help monitor CSA scores monthly and compare them to the national average. Marquee simplifies the insurance process by offering competitive rates from top-tier providers nationwide. MIG tailors programs for carriers of all sizes. They partner with over 50 top-tier insurance carriers, creating financially secure coverage for their clients.
What to Consider When Buying Commercial Truck Insurance
Evaluate Your Coverage Needs
What are the specific risks with your trucking company? For example:
- Do you transport hazardous materials?
- Is your fleet local or long-haul?
- What type of cargo do you carry (e.g., refrigerated goods or high-value items)?
These questions will help determine the type of coverage you need, such as primary liability (required by law), physical damage, cargo insurance, or specialized add-ons like bobtail or trailer interchange coverage.
Understand Legal Requirements
Federal law mandates minimum liability coverage based on vehicle weight and cargo type:
- $750k for non-hazardous freight over 10,001 lbs.
- Up to $5 million for hazardous materials.
- Ensure your policy meets federal and state requirements to avoid penalties or suspension of operating licenses.
Policy Limits
Choose policy limits that adequately protect your business from potential financial losses. Higher limits may increase premiums but provide better protection against costly accidents or lawsuits.
Deductibles
A higher deductible lowers your monthly premium but increases out-of-pocket costs during claims. Balance affordability with financial risk when selecting your deductible amount.
Reputation of the Provider
Check out customer reviews. Keep in mind that online reviews can be manipulated to generate both positive and negative responses. You will also want to go deeper by checking with current and former insurance provider clients.
Premium Costs
While cost is important, it shouldn’t be the sole deciding factor. Request quotes from multiple insurance providers and compare the price with the coverage provided.
Claims Process
A smooth claims process is crucial during emergencies. Evaluate how quickly insurers respond to claims and whether they offer 24/7 support or digital filing tools.
Discounts
Ask about discounts for clean driving records, installing safety features (e.g., dashcams), or completing driver safety programs.
Flexibility of Policies
Make sure your policy can adapt as your business grows or changes, such as adding new vehicles or expanding into different types of freight transportation.
Financial Strength
Choose an insurer with strong financial ratings from agencies like A.M. Best. Working with financially solid companies means your claims will be paid promptly, and you lower the risk of policy cancellations if there is a large-scale issue.
If you are interested in starting your own auto-hauling business or expanding your existing fleet, contact us at Bailey Truck & Trailer or check out our inventory here.
